证券代码：001360 证券简称：南矿集团 南昌矿机集团股份有限公司投资者关系活动记录表 5、结合当前行业趋势，贵司在智能化方面的转型是如何布局的？ 答：公司数字化转型在三个方面推进： 一是管理升级：引入国际领先的数字化技术优化内部流程，实现精细化成本管控； 编号：2025-002 | 投资者关系 | 特定对象调研 分析师会议 媒体采访 ☑业绩说明会 □新闻发布会 □路 | | --- | --- | | 活动类别 | 演活动 现场参观 □其他 | | 活动参与人 | 中信建投 赵宇达； 江西金控 刘晓靖；彬元资本 王东； | | | 广州灏达投资 资香莲； 上海观火投研咨询 吴阮隽； | | 员 | 国联证券 田伊依；财通证券 张豪杰；兴业证券 吴伟康 | | | 甬兴证券 凌展翔； 浙商证券 徐琛奇； | | | （上述排名不分先后） | | 时间 | 2025年4月28日 15:00-16:30 | | 地点 | 公司行政楼会议室 106 | | | 价值在线（https://www.ir-online.cn/）网络互动 | | 形式 | 线上+线下 | | | 1、董事长、总裁 李顺山 | | ...

Group 1 - The company reported a revenue of 1.129 billion yuan in 2024, representing a year-on-year growth of 12.05%, while the net profit attributable to shareholders was 201 million yuan, a decline of 10.56% [1] - In Q1 2025, the company achieved a revenue of 249 million yuan, with a year-on-year increase of 10.41%, and a net profit of 42 million yuan, reflecting a growth of 14.64% [1] - The company's gross margin in Q1 2025 reached 43.61%, an increase of 1.92 percentage points year-on-year, indicating a recovery in profitability [1] Group 2 - The company is expanding into new fields such as non-coal mining and chemicals, with significant potential for growth in these areas due to their relatively late development in information and intelligence compared to the coal sector [2] - The successful development of the underground unmanned driving mining truck by the end of 2024 marks a significant milestone, with initial acceptance completed for a project with Shaanxi Coal Group [2] - The company has established a cooperation agreement with Hubei Xingfa Chemical Group for underground intelligent transportation, which includes unmanned new energy vehicles and intelligent driving systems, indicating the expansion of unmanned driving business into non-coal mining [2] Group 3 - The company is recognized as a leader in coal mine information technology, with continuous innovation in mining robots and active market expansion in chemicals and non-coal mining [2] - Revenue projections for 2025-2027 are estimated at 1.387 billion, 1.683 billion, and 2.039 billion yuan, with net profits of 275 million, 347 million, and 423 million yuan respectively, corresponding to P/E ratios of 15, 12, and 10 times [2]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by the resource development segment, while the mining services segment faced challenges [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion, up 53.59% [1]. - For Q1 2025, the company reported operating revenue of 2.810 billion, a year-on-year increase of 42.49%, but a quarter-on-quarter decline of 5.41%. The net profit attributable to shareholders was 422 million, reflecting a year-on-year growth of 54.10% but a quarter-on-quarter decline of 14.01% [1]. Resource Development Segment - The resource development segment saw a significant increase in revenue, with sales reaching 3.21 billion in 2024, a staggering growth of 412.85%, accounting for 32% of total revenue. In Q1 2025, this segment's revenue share rose to 46% [2]. - The gross profit from the resource development segment was 1.36 billion in 2024, representing 43% of the company's total gross profit, which increased to 62% in Q1 2025 [2]. - The company produced 48,700 tons of copper and 357,000 tons of phosphate rock in 2024, with plans to increase copper production to 79,400 tons and phosphate rock to 300,000 tons in 2025 [2]. Mining Services Segment - The mining services segment faced pressure, completing 93.4% of its production target with revenues of 6.54 billion in 2024, remaining flat year-on-year. This trend continued into Q1 2025, where gross profit dropped by 14.61% to 350 million [2][3]. - The company completed a total mining volume of 41.49 million tons and a total excavation volume of 4.1717 million cubic meters in 2024, slightly below targets [2]. Profit Drivers and Challenges - The increase in net profit for 2024 was primarily driven by gross profit growth from the resource segment, while rising costs from taxes and financial expenses posed challenges [3]. - In Q1 2025, the growth in net profit was attributed to gross profit increases, particularly from the mining resource development segment, which saw a year-on-year revenue increase of 232.7% and gross profit growth of 247.26% [3]. Future Outlook - The company is expected to continue benefiting from both the mining services and resource segments, with ongoing expansion in high-margin overseas operations and resource volume growth anticipated [3][4].

Core Insights - The company reported a total revenue of 33.2 billion yuan in 2024, marking an 8.75% year-on-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-on-year [1] - Despite significant progress in new energy materials and urban mining operations, the company faced operational pressure as revenue and net profit declined sequentially in the fourth quarter [1][8] New Energy Materials Business - The new energy materials segment showed strong performance with an average capacity utilization rate exceeding 95%, significantly above the industry average [4] - The total shipment of ternary precursor materials for power batteries reached 189,000 tons, a 5% increase year-on-year, maintaining a top two position globally [4] - Sales of nickel-rich high-voltage ternary precursors grew by 66% to 44,000 tons, indicating the company's leading position in high-voltage precursor technology [4] - Cobalt oxide sales reached 20,664 tons, an 88% increase, capturing over 25% of the global supply, and the company achieved a 102% year-on-year growth in cathode material shipments [4] - Despite strong performance, the fourth quarter saw a 19.2% and 69.9% sequential decline in revenue and net profit, respectively, highlighting short-term market demand fluctuations [4] Urban Mining Operations - The urban mining segment experienced significant growth, particularly in battery recycling and tiered utilization, with revenue from battery recycling rising substantially [5] - The company recycled and dismantled 35,930 tons of power batteries, a 31% increase, equivalent to 4.31 GWh, which is a 41% year-on-year growth [5] - Lithium carbonate recovery exceeded 4,000 tons, with a growth rate of over 44% and a lithium recovery rate surpassing 95% [5] - Tungsten recovery reached 6,486 tons, a 39% increase, and cobalt product sales grew by 76% to 12,557 tons, maintaining over 50% of the global market share for ultra-fine cobalt powder [6] - The scrap vehicle business also saw significant growth, with total recovery reaching 280,000 tons, a 133% increase [6] - However, the fourth quarter net profit for this segment declined by 20.95%, indicating short-term profitability challenges [6] Nickel Resource Development - The company achieved a global output of 51,677 tons of nickel metal, a 91% year-on-year increase, and established a nickel resource capacity of 150,000 tons per year in Indonesia [7] - The company ranks among the top three globally in MHP nickel production capacity, with 110,000 tons controlled and 40,000 tons in joint ventures [7] - The company successfully launched the world's first 1,168m³ high-pressure hydrometallurgical reactor, achieving world-class operational and product quality metrics while significantly reducing carbon emissions [7] - Despite these advancements, the fourth quarter saw a 1250.90% sequential decline in non-recurring net profit, indicating ongoing profitability pressures in this segment [7] Summary - The company achieved revenue and net profit growth in 2024 through its dual-driven strategy in new energy materials and urban mining operations [8] - However, the performance fluctuations in the fourth quarter reveal operational pressures that the company must address to enhance profitability and navigate increasing market competition and economic uncertainties [8]

中原证券近日发布机械行业月报：受对等关税等因素影响，4月市场出现大幅震荡，科 技成长等概念板块出现明显的回调，4月份工程机械、矿山冶金机械、油气设备、高铁设备 等板块表现较好。 以下为研究报告摘要： 投资要点： 行业观点与投资建议 受对等关税等因素影响，4月市场出现大幅震荡，科技成长等概念板块出现明显的回 调，4月份工程机械、矿山冶金机械、油气设备、高铁设备等板块表现较好。 我们建议继续关注基本面向好，盈利稳定，分红和股息率较高的传统工程机械（重点推 荐三一重工、徐工机械等）、高铁设备（重点推荐思维列控等）、矿山冶金设备龙头（重点 推荐中信重工、郑煤机、一拖股份等）。主题投资方面建议继续聚焦人形机器人本体及核心 零部件龙头（重点推荐埃斯顿、绿的谐波等）。其他建议关注136号文对风电、光伏行业带 来的抢装行情，重点推荐风电轴承龙头新强联。 风险提示：1）宏观经济发展不及预期；2）下游行业需求、出口需求不及预期；3）原 材料价格上涨持续；4）新能源产业政策、行业形势发生变化；5）国产替代、技术迭代、国 内设备更新进度不及预期。(中原证券 刘智） 【责任编辑：杨梓安 】 4月中信机械板块下跌6.33%，跑输沪深30 ...

Core Viewpoint - The company is focused on increasing research and development (R&D) investment to enhance technological innovation and product upgrades, with a current R&D expenditure of 47% of revenue in 2024 [1][4]. Group 1: Financial Performance - In Q1 2025, the company reported revenue of 53.946 million yuan, a year-on-year increase of 70.28%, but a net loss attributable to shareholders of 16.391 million yuan, a decline of 691.13% [9]. - For the fiscal year 2024, the company achieved total revenue of 382.688 million yuan, a 13.62% increase year-on-year, with main business revenue of 374.419 million yuan, up 14.44% [7]. - The company reported a total profit of -5.6644 million yuan for 2024, an increase of 13.45% year-on-year, and a net profit attributable to shareholders of -1.8044 million yuan, an increase of 1.12% [7]. Group 2: Business Strategy and Market Expansion - The company plans to strengthen its core business in coal machinery manufacturing, focusing on innovation and management efficiency to promote healthy development [2]. - The company aims to maintain and expand its existing markets while actively developing new markets and strategic partnerships with quality clients [1][2]. - The company is exploring new business growth points to enhance profitability and market competitiveness [7]. Group 3: R&D and Product Development - The company is committed to a tiered R&D model, focusing on producing, improving, and developing new products to maintain technological advancement [1]. - The company will continue to increase R&D investment to build core competitive advantages and provide strong technical support for future development [1]. Group 4: Market Conditions and Risks - The company has no direct exports to the U.S., and thus, the recent U.S. tariffs have no immediate impact on its operations [3]. - The company is monitoring international trade policy changes closely [3]. - The company currently does not face any risk of being classified as ST (special treatment) as its operations are normal [8].

Core Points - The prevention and control of traditional occupational diseases such as pneumoconiosis and noise-induced hearing loss remain challenging, particularly in small and micro enterprises [1][4] - The number of newly reported occupational disease cases in China has significantly decreased from 26,393 in 2013 to 12,087 in 2023, a reduction of 54.2% [2] - New categories of occupational diseases have been added, including occupational musculoskeletal disorders and occupational mental and behavioral disorders, bringing the total number of legally recognized occupational diseases to 12 categories and 135 types [2][3] Group 1: Occupational Health Challenges - The issue of noise exceeding safety standards is still prominent, especially in high-risk industries such as mining and machinery manufacturing [1][4] - The clinical manifestations of new occupational diseases, such as carpal tunnel syndrome, are primarily caused by repetitive tasks and excessive force, leading to nerve damage and pain in the hands [3] - The prevention of noise-induced hearing loss is critical, with the World Health Organization estimating that by 2050, nearly 2.5 billion people will experience varying degrees of hearing loss, with 16% attributed to workplace noise exposure [4][5] Group 2: Regulatory and Preventive Measures - Employers are required to improve processes and equipment, organize work tasks effectively, and reduce the frequency and load of repetitive wrist tasks [3] - Health checks for workers engaged in repetitive wrist activities are mandated, along with the implementation of supportive standards and increased awareness of self-protection among workers [3] - In 2024, the government will conduct on-site testing of occupational disease hazards at 70,000 employers, focusing on 500,000 key positions [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business is stable, while the mining resource development business is rapidly expanding, indicating that the company's business scale and profitability are entering an accelerated growth phase [1][2] Summary by Sections Mining Service Business - In 2024, the company achieved mining service revenue of 6.544 billion yuan, a slight decrease of 0.96%, accounting for 65.8% of total revenue [2] - The mining service profit was 1.75 billion yuan, down 8% from the previous year, with a gross margin of 26.75% [2] - The company undertook 35 large-scale mining engineering and mining operation management projects, with a total excavation volume of 4.1717 million cubic meters, down 9%, and a supply mining volume of 41.4918 million tons, up 5.5% [2] Mining Resource Development Business - The mining resource development business generated revenue of 3.209 billion yuan in 2024, a staggering increase of 412.85%, accounting for 32.3% of total revenue [3] - This segment contributed a gross profit of 1.356 billion yuan, with a gross margin of 43.3% [3] - The company acquired 80% of the Lubambe copper mine, which is undergoing technical upgrades to improve capacity utilization [3] Financial Performance and Forecast - The company expects revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.286 billion yuan [12][13] - The earnings per share (EPS) are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan for the same years, with price-to-earnings (PE) ratios of 10.19, 8.47, and 7.28 [12][13]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business remains stable, while the mining resource development business has shown rapid growth, with revenue from this segment increasing by 412.85% year-on-year [2][3] - The company is expected to benefit from ongoing capital expenditure in the mining industry and the gradual release of its own mining projects, enhancing its performance and valuation elasticity [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion yuan, a 34.37% increase year-on-year, and a net profit of 1.584 billion yuan, reflecting a 53.59% growth [1][12] - For Q1 2025, the company reported operating revenue of 2.811 billion yuan, up 42.49% year-on-year, and a net profit of 422 million yuan, a 54.10% increase [1] Mining Service Business - The mining service business generated revenue of 6.544 billion yuan in 2024, a slight decrease of 0.96% year-on-year, accounting for 65.8% of total revenue [2] - The company undertook 35 large-scale mining engineering and operation management projects, with a total contract amount of approximately 11.5 billion yuan signed in 2024 [2] Mining Resource Development - The mining resource development segment saw revenue of 3.209 billion yuan in 2024, a significant increase of 412.85% year-on-year, contributing a gross profit of 1.356 billion yuan [3] - The company acquired an 80% stake in the Lubambe copper mine, which is expected to enhance production capacity and improve profitability over time [3][10] Future Outlook - The company forecasts operating revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.287 billion yuan [12][13] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan, respectively [12][13]

智能调度方案 一、矿山调度系统介绍 智慧矿山生产调度管控系统是建立在数字化、信息化、虚拟化、智能化、集 成化基础上，综合考虑生产、管理、经营、安全、效益、环境和资源等各类因素， 并运用计算机、网络、通信、虚拟仿真、自动控制及监测等技术对矿山各类信息 资源进行全面、高效、有序管理的系统，改善企业经营管理模式，让经营管理更 加公平、公正、安全、合理、高效。智能化生产调度系统涵盖了矿山企业生产经 营的全过程，系统通过对矿山生产、经营与管理的各个环节与生产要素实现网络 化、数字化、模型化、可视化、集成化和科学化管理，达到安全、高效、低耗生 产的过程， 1.1智能调度的目的与意义 。降低矿山劳动度，提高工作效率 通过矿山智能调度系统，可以了解整个矿山所涉及的信息过程，特别是矿山 系统多体之间信息的联系和相互作用的规律。以计算机为工具建立的原始资料数 据库和矿床模型，可随时在计算机上高效、便捷查寻。利用这些数据建立地质模 型；进行不同矿种不同品位的资源管理和资源评估，也可以利用地质模型进行矿 山设计、并下测量、安排生产进度、优化参数等功能。 矿山智能调度系统以开采生产计划编制为基础，依据实际的矿石开采量和矿 石品质数据， ...